Sweden
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Kommuninvest is out with a dollar trade in what bankers expect to be a fairly quiet week bisected by a likely target rate hike by the Federal Open Market Committee. -
Bank of America Merrill Lynch has hired a banker from SEB to lead its equity capital markets business in the Nordic region.
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The highly anticipated IPO of iZettle, the Swedish payments company, has been called off, as PayPal has struck a deal to buy the company.
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Big moves in US Treasury yields, swap spreads and the euro/dollar and euro/sterling basis swaps put paid to some dollar issuance this week as some borrowers held back and others tapped different currencies. But a pair of Swedish names did get deals done, and rates started to move back into more favourable areas, suggesting volumes could pick up again next week.
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Landshypotek Bank was able to close the price gap to its larger Swedish peers on Wednesday when it issued its first green covered bond.
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Kommuninvest printed a $1bn three year dollar bond on Wednesday, following the example set by Swedish Export Credit Corporation (SEK) but shaving an extra few basis points from its spread.
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Climbing US Treasury yields and tightening swap spreads are pushing out levels in dollars, but Swedish Export Credit Corporation (SEK) managed a successful three year trade — a good omen for an upcoming deal from Kommuninvest on Wednesday.
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Swedish Export Credit Corporation will bring a three week dearth of SSA dollar benchmark issuance to an end on Tuesday after mandating for a three year issue. A shift in Libor rates, swap spreads and secondary levels since the last glut of dollar supply should all make for a keenly watched trade, said bankers.
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Two Scandinavian technology IPOs are gaining traction among investors after launching last week.
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A sale of shares in SSAB, the Nordic steel producer, by Industrivärden attracted heavy demand from investors bullish towards the sector after Chinese production cuts caused a rally in the price of steel.
